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Earnings Release Presentation FY2008FY2008 FirstFirst HalfHalf YearYear FinancialFinancial ResultsResults sixsix monthsmonths endedended SeptemberSeptember 30,30, 20072007 -prepared-prepared inin accordanceaccordance withwith U.S.GAAP-U.S.GAAP- ToyotaToyota MotorMotor CorporationCorporation NovemberNovember 7,7, 20072007 Cautionary Statement with Respect to Forward-Looking Statements 2 This presentation contains forward-looking statements that reflect Toyota’s plans and expectations. These forward- looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (i) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar and the British pound; (iii) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota’s ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. Caution concerning Insider Trading 3 Under Japanese Financial Instruments and Exchange laws (the “Exchange Law"), subject to certain exceptions, any person who receives certain material information relating to the business, etc., of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Exchange Law) until such material information is deemed to be made public. Under the Exchange Law, material information is deemed to be made public when (i) such material information is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service and ED-NET (Electronic Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Exchange Law. TakeshiTakeshi SuzukiSuzuki SeniorSenior ManagingManaging DirectorDirector Consolidated Vehicle Sales 5 4,301 (+ 156) (thousands of vehicles) 4,145 4,000 637 711 (+ 74) 382 452 (+ 70) 3,000 589 635 (+ 46) 2,000 1,464 1,497 (+ 33) Other Asia Europe 1,000 N. America 1,073 1,006 (- 67) Japan 0 change '06/4-9 '07/4-9 [4,460] [4,701] [+241] -Figures in square brackets show total retail vehicle sales in thousands Consolidated Financial Summary 6 (billions of yen) FY2008FY2008 1H1H FY2007FY2007 1H1H ChangeChange (’07/4-9)(’07/4-9) (’06/4-9)(’06/4-9) Net Revenues 13,012.213,012.2 11,471.811,471.8 1,540.41,540.4 13.4%13.4% Operating Income 1,272.11,272.1 1,093.41,093.4 178.7178.7 16.3%16.3% Income before income taxes, minority interest and equity 1,362.2 1,166.1 196.1 16.8% earnings of affiliated companies 1,362.2 1,166.1 196.1 16.8% Equity Earningsings ofof Affiliated Companies 145.1 89.4 55.7 62.1% Net Income 942.4942.4 777.2777.2 165.2165.2 21.3%21.3% FOREX $ 119 yen 115 yen + 4 yen Rates € 162 yen 146 yen + 16 yen Rapid Growth of Net Income 7 (billions of yen) 1,644.0 1,500 1,372.1 [Annual] 1,162.0 1,171.2 1,000 500 942.4 777.2 [1H] 524.4 584.0 570.5 0 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3 Shareholder Return 8 Interim Dividend: 65 yen per share (change: +15 yen) Total Amount of Payout : 207.0 billion yen Consolidated Payout Ratio: 22.0% (change: +1.3%) 120 90 70 65 65 55 45 36 40 25 28 25 65 20 50 14 15 25 35 11 13 16 20 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3 Interim Dividend Annual Dividend Shareholder Return 9 Share Buyback Authorized Amount (’07/6 – ’08/6) 250.0 billion yen / 30 million shares Amount Exercised: 36.4 billion yen / 5 million shares Amount Announced Today 110.0 billion yen / 15 million shares (up to) : - Share buyback results (billions of yen) 400 300 453.4 200 398.8 263.5 277.5 266.2 299.5 110.0 100 133.6 99.4 0 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3 Consolidated Financial Summary 10 (billions of yen) FY2008FY2008 1H1H FY2007FY2007 1H1H ChangeChange (’07/4-9(’07/4-9)) (’06/4-9(’06/4-9)) Net Revenues 13,012.2 11,471.8 1,540.4 13.4% Operating Income 1,272.11,272.1 1,093.41,093.4 178.7178.7 16.3%16.3% Income before income taxes, minority interest and equity earnings of affiliated companies 1,362.2 1,166.1 196.1 16.8% Equity Earnings of Affiliated Companies 145.1 89.4 55.7 62.1% Net Income 942.4 777.2 165.2 21.3% FOREX $ 119 yen 115 yen + 4 yen Rates € 162 yen 146 yen + 16 yen Consistent Growth of Operating Income 11 (billions of yen) 2,238.6 2,000 1,878.3 570.5 1,666.8 1,672.1 586.7 1,500 383.0 [4Q] 497.5 574.7 1,272.1 422.9 482.2 1,000 [3Q] 401.6 596.7 581.0 417.6 404.3 500 [2Q] 427.0 675.4 512.4 [1Q] 340.7 448.6 405.1 0 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3 Contributing Factors to Consolidated Operating Income 12 Cost Reduction Efforts (billions of yen) Marketing Efforts + 50.0 1,272.1 +130.0 1,300 (+ 178.7) Increases in Expenses -151.3 1,200 1,093.4 1,100 1,000 Effects of favorable FOREX rates 900 + 150.0 800 '06/4-9 '07/4-9 < Details of Increases in Expenses > R&D expenses..................... -53.1 Impact from the valuation on Depreciation and interest rates swaps................ -3.7 CAPEX related costs......... -43.0 Others .................................... -22.2 Labor costs .......................... -29.3 Geographic Operating Income: Japan 13 Consolidated2900 2,450 2,429 thousands of vehicles 25002700 Vehicle2300 Production 19002100 Consolidated15001700 1,073 1,006 thousands of vehicles Vehicle11001300 Sales 900 (billions of yen) 800 773.3 684.4 600 +88.9 billion yen LS600hL Premio 400 200 Mark X Zio Vanguard 0 '06/4-9 '07/4-9 - Improved product mix driven by Lexus LS in Japan and overseas - Sales in Japan turned upward since Aug. supported by new model launches Geographic Operating Income: North America 14 1,497 thousands of vehicles Consolidated 1,464 Vehicle Sales (billions of 1400yen) 250.5 254.1 200 +3.6 billion yen Prius Tundra 100 Scion xD Highlander 0 '06/4-9 '07/4-9 - Vehicle sales growth driven by the new Tundra and Prius - A high level of Operating Income achieved as in previous financial year Geographic Operating Income: Europe 15 750 635 thousands of vehicles Consolidated 589 Vehicle Sales (billions of 550yen) 80 66.0 68.3 60 +2.3 Aygo Yaris 40 billion yen 20 RAV4 Auris 0 '06/4-9 '07/4-9 - Favorable sales of new models such as Auris and Corolla - Strong sales in Russia of highly profitable models contributed to the increase of Operating Income Geographic Operating Income: Asia 16 452 thousands of vehicles Consolidated 382 Vehicle Sales (billions of yen) 350 Ban Pho plant, Thailand 120 116.7 100 +55.4 billion yen 80 61.3 Innova Fortuner 60 40 20 0 '06/4-9 '07/4-9 Lexus ES - Vehicle sales grew strongly the reflecting overall recovery of the market - Large increase in Chinese subsidiaries’ earnings, driven by strong Lexus sales in China Geographic Operating Income: Other 17 750 711 thousands of vehicles Consolidated 637 Vehicle Sales (billions of yen) 550 80 71.7 60 +35.6 billion yen Hilux VIGO 40 36.1 20 Corolla Flex Camry 0 '06/4-9 '07/4-9 - Vehicle sales expanding thanks to the continuing popularity of IMV and the re-modeled Camry in Central and South America and South Africa Business Segment: Financial Services 18 (billions of yen) 79.9 80 77.8 60 -2.1 billion yen 40 20 0 TS CUBIC Card QUIC Pay '06/4-9 '07/4-9 - Outstanding loan balance steadily grew as vehicle sales increasing - Operating income increased by 1.6 billion yen excluding 3.7 billion yen valuation loss on interest rate swaps Equity Earnings of Affiliated Companies 19 (billions of yen) 150 145.1 +55.7 billion yen 100 89.4 Camry Guangzhou Toyota Motor 50 0 '06/4-9 '07/4-9 New Corolla Line-off Ceremony Tianjin FAW Toyota Motor’s third plant China 3.4 +27.0 30.4 (included billion yen billion yen above) billion yen
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